Industry Insights with Allen Spence

Digital Identity , Governance & Risk Management , Identity & Access Management

Identity Theft Protection: A Crucial Consideration in Today's Heightened Environment

Why IDShield Partners with Enzoic for Comprehensive Identity Theft Protection
Identity Theft Protection: A Crucial Consideration in Today's Heightened Environment

According to the Identity Theft Resource Center, there were over 1,200 reported breaches last year alone, which exposed over 400 million records. And as Time's Patrick Lucas Austin put it, "It only takes one or two pieces of personal information for a hacker or identity thief to make someone's life hell - especially once they have a target's Social Security number."

That's where IDShield comes in. For over 15 years, IDShield has helped millions of people in the U.S. and Canada monitor their personal information, and we can help them take immediate action if identity theft is suspected.

With breaches happening on a near real-time basis, a crucial part of our offering also involves monitoring for the use of exposed credentials on all of our members' online accounts.

 

Given the pervasive nature of the Internet and apps, there is a significant potential attack risk. One study from Dashlane found that the average user has 90 online active and inactive accounts, with an average of 130 accounts assigned to a single email address in the U.S. In light of these factors, IDShield monitors over 20 different sources of fraud and identity theft, including social media and public records, as well as monthly credit reports to check for signs of identity theft. Our members can also use IDShield to monitor the Dark Web for their personal information and user credentials.

With breaches happening on a near real-time basis, a crucial part of our offering also involves monitoring for the use of exposed credentials on all of our members' online accounts. To do this, we embed Enzoic's market-leading compromised credential screening and password monitoring solutions into the entire IDShield product line. Enzoic's technology screens passwords and credential combinations against their continuously updated database containing multiple billions of unique exposed credentials. On average, Enzoic customers have found 4% of users' credentials become compromised within one month. This occurs due to involvement in new data breaches.

Of course, IDShield is also an online business with a mobile app for our members, and it's critical we take steps to ensure the information they share with us is protected. As such, we use Enzoic for our own authentication and check whether a password has been exposed when a member first sets up their account or resets their password. In addition, each time a user logs into our site or app, Enzoic is running in the background as an additional security layer for our customers. If a compromise is detected, the member is prompted to reset their password to ensure the account remains protected from unauthorized access.

With data breaches increasing, it is a matter of "when" not "if" a company has a breach. We believe identity theft insurance is just as crucial as health insurance or life insurance. It's impossible to prevent all identity theft, but screening for compromised credentials and monitoring for fraudulent activity offers consumers peace of mind upon which you simply can't put a premium.

With IDShield as an Enzoic customer, we help over a million people safeguard their personal information from the daily barrage of threat activity.



About the Author

Allen Spence

Allen Spence

Director, IDShield Product Leadership, LegalShield

Spence joined LegalShield in 2019 and is responsible for leading all aspects of IDShield Product Leadership, including product strategy, creation, plan content, pricing, promotion and management of third party IDShield relationships. Spence brings 15 years of experience in marketing, product management and leadership development. Most recently, he worked at Eagle Palm and Borden, where he led initiatives in transforming organizations by increasing brand awareness, sales and market penetration.




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